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Instrument: Gold
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 1790.10 with take profit at 1792.50.
Bearish Preference:
Sell position is envisaged if price trades below 1780.96 with take profit at 1778.88.
Fundamentals:
1:30pm USD Average Hourly Earnings m/m
USD Non-Farm Employment Change
USD Unemployment Rate
Comment: Gold futures edged up 0.18%, after falling 0.2% so far in the past week. The dollar, which normally moves inversely to gold, inched up on Friday towards three-month highs. The U.S. jobs report for June, including non-farm payrolls, will be released later in the day. Investors also continued to digest data released on Thursday that said the Institute of Supply Management (ISM) manufacturing PMI was a slightly lower-than-expected 60.6 in June and a lower-than-forecast 364,000 initial jobless claims were filed throughout the past week. U.S. layoffs also fell to a 21-year low in June.
Analysis: SCRUM Team
